FPAG vs HWGV: Grades, Fees and Holdings Compared

FPA Global Equity ETF

FPAGBCboe

Hotchkis & Wiley Global Value Fund

HWGV—Nasdaq

Overlap

7.3%by weight

Expense ratio

FPAG −0.21pt a year

FPAG0.49%HWGV0.70%

Avg volume · 30D

FPAG 17.8×the volume

FPAG41.5KHWGV2.34K

FPAG vs HWGV Performance

Sep 30, 2026 – Oct 30, 2026

+2.5%FPAG+6.3%HWGV

Expense ratio: FPAG 0.49%, better; HWGV 0.70%
Fund size: FPAG $662M; HWGV $3M
1Y total return: FPAG +17.1%; HWGV No data
Yield (12M): FPAG 1.29%; HWGV No data
Holdings: FPAG 72; HWGV 59
Avg volume (30D): FPAG 41.5K sh, better; HWGV 2.34K sh
NAV per share: FPAG $41.86; HWGV $25.45
52W range

ETF.net Grade

—HWGVNot yet graded

Pillar letters and Scores for FPAG, HWGV, with each pillar’s weight
Pillar	FPAG	HWGV
Cost30% weight	A82	Not scored
Mission25% weight	Not scored	Not scored
Risk15% weight	C44	Not scored
Tradability15% weight	C44	Not scored
Holdings10% weight	B63	Not scored
Durability5% weight	A73	Not scored

Rank among Global Active Value funds

How we build Categories ›

Global Active Value⁠

Category · 15 funds

See all 15 ›

FPAG ranks 4th of 15 funds in the Global Active Value Category.

Rank 1AAVGVAvantis All Equity Markets Value ETF 9Score 77
Rank 2AFEGEFirst Eagle Global Equity ETFScore 74
Rank 3ASFGVSequoia Global Value ETFScore 73
Rank 4BFPAGFPA Global Equity ETFScore 63
Rank 5BGKATScharf Global Opportunity ETFScore 60
HWGVNot yet graded

Our read on each fund

ETF.net Research

FPAGBFPA Global Equity ETF

HWGV—Hotchkis & Wiley Global Value Fund

In short

FPAG FPA's contrarian value desk in ETF form: about 40 out-of-favor global large and mid caps, no sector constraints, 0.49% net of a waiver through January 31, 2027.

HWGV No data

Stated mandate

FPAG The Fund seeks long-term growth of principal and income. It normally invests at least 95% of assets in equities, primarily publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including emerging-market companies.

HWGV No data

Why people hold it

FPAG The ETF wrapper for a strategy FPA has run for years: bottom-up fundamental research, global large and mid caps, bought when businesses look out of favor, with no sector constraints on the portfolio.fpa.com
0.49% net of a waiver through January 31, 2027 sits below the global value category median, and just under First Eagle's FEGE at 0.50% net of a waiver through December 31, 2026.
Genuinely active, not index-hugging: roughly 40 positions, cash typically under 5%, and active share FPA describes as typically above 90% versus its MSCI ACWI reference.fpa.com
Prospectus keeps it simple: normally at least 95% of assets in equities, mid- and large-cap U.S. and non-U.S. names, emerging markets included. One of the stronger builds on a crowded global value shelf.

HWGV No data

Worth knowing

FPAG That 0.49% is a waived rate. Gross is 0.86%, so what you pay after January 31, 2027 depends on FPA extending the waiver.
One of the thinner-traded funds in its category. Spreads can widen, and the open and close are the rougher moments of the day.
A focused, unconstrained book of about 40 names with no sector limits can look nothing like a global index, and move nothing like one either. Income arrives quarterly.fpa.com

HWGV No data

Full FPAG profile⁠

Full HWGV profile⁠

FPAG vs HWGV Holdings

How FPAG and HWGV differ

Overlap by weight

7.3%

Shared holdings make up 12.5% of HWGV and 11.2% of FPAG.

Level by level

Holdings6 in both7.3%
Sector11 Sectors73.3%
Countryby domicile79.2%
Asset classEquity100%

Sector

Sector weights in FPAG and HWGV, widest gap first
Sector	More in FPAGMore in HWGV	FPAG	HWGV
Technology	HWGV +11.2 points	13.2%	24.4%
Materials	FPAG +8.4 points	13.7%	5.3%
Communication	FPAG +8.1 points	14.4%	6.3%
Energy	HWGV +6.6 points	1.2%	7.8%
Consumer Discretionary	FPAG +4.6 points	9.8%	5.2%
Financials	HWGV +4.1 points	9.8%	13.8%
Utilities	HWGV +3.2 points	0.0%	3.2%
Industrials	FPAG +2.9 points	12.4%	9.5%
Consumer Staples	FPAG +2.6 points	8.7%	6.0%
Health Care	HWGV +1.5 points	16.8%	18.3%
Real Estate	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FPAG and HWGV, widest gap first
Country	More in FPAGMore in HWGV	FPAG	HWGV
United Kingdom	HWGV +9.6 points	0.0%	9.6%
Switzerland	FPAG +3.8 points	6.0%	2.2%
Netherlands	FPAG +3.3 points	9.9%	6.6%
China	FPAG +3.1 points	3.1%	0.0%
South Korea	FPAG +3.1 points	3.1%	0.0%
Japan	FPAG +2.6 points	3.9%	1.3%
Israel	HWGV +2.5 points	0.0%	2.5%
Sweden	HWGV +2.3 points	0.0%	2.3%
Other countries (13)	HWGV +1.5 points	74.0%	75.5%

Outside the US: FPAG 82% developed, 18% emerging. HWGV 89% developed, 11% emerging.

Concentration

Weight in the 10 largest Holdings

FPAG32.5%
HWGV30.4%

Securities held

FPAG69
HWGV58

Asset class

FPAG: Equity
HWGV: Equity

Holdings

Only in FPAG63
In both6
Only in HWGV52

Only in FPAG

63 securities, 88.8% of FPAG by weight

Intl Flavors & Fragrances4.07%
Analog Devices Inc3.74%
Becton Dickinson and Co3.36%
Alphabet Inc-Cl C3.32%
Meta Platforms Inc-Class A3.21%
Arthur J Gallagher & Co3.02%
Amazon.com Inc2.68%
Magnum Ice Cream Co Bv/T /Eur/2.63%
Eurofins Scientific /Eur/2.44%
Te Connectivity PLC2.44%
Vanguard 0-3M T-Bill Etf2.36%
Glencore PLC /Gbp/2.35%
Prosus NV /Eur/2.32%
Aon Plc-Class A2.10%
Nippon Paint Co Ltd /Jpy/2.04%
Safran SA /Eur/2.03%
Kerry Group Plc-A /Eur/2.02%
Samsung C&T Corp /Krw/1.70%
Vail Resorts Inc1.69%
Ferguson Enterprises Inc1.50%
Thermo Fisher Scientific Inc1.47%
Nxp Semiconductors NV1.47%
Sodexo SA /Eur/1.45%
Fortune Brands Innovations I1.43%
Carmax Inc1.42%
Baxter International Inc1.41%
Sap Se-Sponsored Adr1.40%
Amrize Ltd1.40%
Nintendo Co Ltd /Jpy/1.24%
Alphabet Inc-Cl A1.13%
Merck Kgaa /Eur/1.11%
Lg Corp /Krw/1.10%
Nov Inc1.10%
Icon PLC1.09%
Danaher Corp1.08%
Pernod Ricard SA /Eur/1.04%
PayPal Holdings Inc1.04%
Azelis Group NV /Eur/1.01%
Waters Corp1.01%
Imcd NV /Eur/1.00%
Holcim Ltd /Chf/0.98%
Vanguard Tot World Stk Etf0.91%
Cooper Cos Inc/The0.87%
Bureau Veritas SA /Eur/0.85%
Cie Financiere Richemo-A /Chf/0.79%
Boston Scientific Corp0.79%
Alphabet Inc /Pfd/ /Conv/0.77%
Grupo Mexico Sab De Cv-S /Mxn/0.72%
Cnh Industrial NV0.70%
Charter Communications Inc - A0.70%

Only in HWGV

52 securities, 87.4% of HWGV by weight

Workday Inc5.03%
American International Group Inc3.45%
Elevance Health Inc3.06%
Cigna Group/The2.70%
First American Government Obligations Fund 12/01/20312.63%
Fiserv Inc2.58%
Akzo Nobel NV2.56%
Shell PLC2.51%
Check Point Software Technologies Ltd2.40%
Medtronic PLC2.38%
APA Corp2.31%
National Grid PLC2.24%
CDW Corp/DE2.24%
Telefonaktiebolaget LM Ericsson2.20%
CNH Industrial NV2.15%
Julius Baer Group Ltd2.15%
Wpp PLC2.04%
Mondelez International Inc1.97%
Accor SA1.92%
US Bancorp1.90%
AstraZeneca PLC1.72%
Ovintiv Inc1.71%
Sap SE1.61%
Siemens AG1.56%
TotalEnergies SE1.51%
Salesforce Inc1.48%
Omnicom Group Inc1.46%
Taiwan Semiconductor Manufacturing Co Ltd1.46%
Gsk PLC1.45%
General Motors Co1.45%
Magna International Inc1.40%
PPG Industries Inc1.38%
Nippon Sanso Holdings Corp1.28%
Qantas Airways Ltd1.22%
Humana Inc1.14%
Banca Monte dei Paschi di Siena SpA1.13%
BNP Paribas SA1.09%
Biogen Inc1.06%
U-Haul Holding Co1.04%
QUALCOMM Inc0.99%
Truist Financial Corp0.97%
Honeywell Aerospace Inc0.97%
Dominion Energy Inc0.94%
PACCAR Inc0.92%
Koninklijke Philips NV0.91%
Kraft Heinz Co/The0.89%
Vodafone Group PLC0.83%
Cummins Inc0.77%
Unilever PLC0.72%
Airbus Group SE0.70%

Weight gaps

All 6 Holdings in both funds, largest gap first.

Holding weights in FPAG and HWGV, widest gap first
Holding	More in FPAGMore in HWGV	FPAG	HWGV
Ge Healthcare Technolog-IncGEHC	HWGV +2.93 points	0.56%	3.49%
Citigroup IncC	FPAG +2.14 points	3.03%	0.89%
Wells Fargo & CoWFC	HWGV +1.67 points	0.40%	2.07%
Heineken Holding NV /Eur/	FPAG +1.30 points	3.62%	2.32%
Intuit IncINTU	HWGV +0.54 points	1.29%	1.83%
Comcast Corp-Class ACMCSA	FPAG +0.42 points	2.30%	1.88%

All 44 FPAG holdings⁠All HWGV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FPAG vs HWGV Cost

Overpaying HWGV vs FPAG

$3,814

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FPAG 0.49%
$9,792
HWGV 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

FPAG 0.49%
HWGV 0.70%
Overpaying

Year by year

Year	FPAG	HWGV	Overpaying
10	$883	$1,250	$367
20	$3,394	$4,760	$1,366
30	$9,792	$13,606	$3,814

Expense ratio

0.49%FPAG, cheaper
0.70%HWGV

FPAG0.49%HWGV0.70%

0.26%1.70%

Middle half of Global Active Value funds
Median 0.68%

FPAG 3rd cheapest of 15 funds

HWGV 9th cheapest of 15 funds

FPAG vs HWGV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FPAG 1.29%; HWGV No data
Payout (12M): FPAG $0.54; HWGV None
Last payment: FPAG $0.09; HWGV No data
Ex-dividend: FPAG Sep 15, 2026; HWGV No data
Paid on: FPAG Sep 22, 2026; HWGV No data
Frequency: FPAG Quarterly; HWGV No data

Distribution history

Per share, 2022 to 2026, same scale for both

FPAGQuarterly · 18 paymentsAll FPAG payments⁠

HWGVAll HWGV payments⁠

No distribution history available.

FPAG vs HWGV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FPAG 12.4%since Apr 2024HWGV No data
Return per unit of riskSharpe ratio, 3 years: FPAG 1.01since Apr 2024HWGV No data
Worst fallMax drawdown, 5 years: FPAG −18.1%since Mar 2024HWGV No data
Market sensitivityBeta, 5 years: FPAG 0.97HWGV 0.85; Market = 1

FPAG and HWGV in the news

All news⁠

New ETFs
Hotchkis & Wiley added an ETF class to its 1997 mid-cap value fund
Oct 5, 2026HWGV

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FPAG vs HWGV

In short

Stated mandate

Why people hold it

Worth knowing

How FPAG and HWGV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FPAG

Only in HWGV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Hotchkis & Wiley added an ETF class to its 1997 mid-cap value fund

How FPAG and HWGV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FPAG

Only in HWGV

Weight gaps